$7500 was borrowed for a four year term at 9 compounded quarterly The terms of the loan allow prepayment of the loan based on discounting the loans maturity value at 7 compounded quarterly How long (to the nearest day) before the maturity date was the loan prepaid if the payout amount was $9380 24 ...

The 938024 payout figure represents the present value on the prepayment date of the loans maturity ...

$7500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow...

Question:

$7500 was borrowed for a four-year term at 9% compounded quarterly. The terms of the loan allow prepayment of the loan based on discounting the loan’s value at 7% compounded quarterly. How long (to the nearest day) before the date was the loan prepaid if the payout amount was $9380.24 including accrued interest? For the purpose of determining the number of days in a partial calendar quarter, assume that a full quarter has 91 days.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...